Finance
-
Fed Governor Stephen Miran to resign after Kevin Warsh is sworn in
Federal Reserve Governor Stephen Miran said he will resign from the central bank effective once incoming Chair Kevin Warsh is sworn into office, or shortly before. The move by Miran was expected given his seat on the Fed’s Board of Governors will be taken by Warsh. In a letter announcing his resignation, Miran was critical
-
Peter Thiel is leading investment in an ocean data center powered by waves—and the startup is reportedly worth $1 billion
As hyperscalers like Alphabet look to the skies as the next frontier of data centers, Peter Thiel is looking to the seas. Panthalassa, a U.S.-based start up betting on ocean waves to power a fleet of floating data centers, announced $140 million in funding earlier this month led by Thiel. The funding pushes Panthalassa’s valuation
-
Meta’s $10 billion Louisiana data center is getting $3.3 billion in tax breaks—more than seven years of the state’s entire police budget
Data centers—the computing infrastructure required to power the country’s AI, on which companies are shelling out nearly $700 billion to build this year alone—are quickly popping up in rural and suburban towns across the country, some of which are more than two times the size of Manhattan’s Central Park. But the massive footprint of these
-
Scott Bessent made a fortune spotting currency manipulation. He says Beijing’s $2.5 trillion black hole is ‘a problem for the Europeans’
In 1992, a 29-year-old Scott Bessent looked at the Bank of England and saw something no one else did. The Bank of England couldn’t afford to keep its promises. It had committed to keeping the pound trading within a narrow radius against the German mark, requiring it to spend whatever it took to defend the
-
Current price of oil as of May 14, 2026
By 8:30 a.m. Eastern Time today, oil had reached $107.82 per barrel, measured using the Brent benchmark. That’s $3.05 less than it cost yesterday morning and about $41.50 above its price a year earlier. Oil price per barrel % Change Price of oil yesterday $110.87 -2.75% Price of oil 1 month ago $98.93 +8.98% Price
-
Wall Street no longer believes Kevin Warsh can do what President Trump wants
Good morning. On Fortune’s radar today: Markets: Full steam ahead! Wall Street simply doesn’t believe Kevin Warsh can deliver a cut. AI data center companies are stealing water. There is no jet fuel shortage, this CEO says. It took 8 years to create Google Sheets. AI cloned it in days. Chart: AI is a convenient
-
Boeing lost China. Trump—and 500 jets—may be about to win it back
President Trump has declared that the main focus of the China Summit is trade, specifically unveiling big transactions for signature U.S. enterprises that further swell our flow of exports, and Washington-Beijing accords that mark a defrosting of the icy standoff between the world’s two biggest economies. The stateside player most likely to land a trophy
-
Top economist says $39 trillion national debt leaves government worse prepared for recession than ever
The U.S. has run into recessions with a messy fiscal situation before, but never this bad. That’s the warning from Apollo chief economist Torsten Slok, who wrote in his Daily Spark newsletter on Tuesday the country is approaching a potential downturn “with this little fiscal buffer” for the first time in modern history. Gross national
-
The airplane fuel shortage is a myth propagated by airlines who want to cancel unprofitable flights, says private jet CEO
There is no jet fuel shortage, according to Greg Raiff, CEO of private jet services company Elevate Jet. The Strait of Hormuz may be closed, locking away more than 20% of the world’s supply of jet fuel. Major airlines have cancelled hundreds of flights all over the world. And Europe may reach a 23-day shortage
-
Fervo becomes clean energy’s biggest-ever IPO with $10B valuation—powered by the earth’s heat and AI’s hunger
Houston geothermal startup Fervo scored Wall Street’s biggest clean energy IPO ever, and its stock opened 35% higher on May 13 for a market cap above $10 billion. Bill Gates-backed Fervo aims to take the nascent industry mainstream to power the AI boom in short order. The technology combines old-school geothermal science with modern oil-drilling